BSFT was removed from the portfolio today at 37.86. In early trading intense selling pushed BSFT below our initial stop. Once the stock began to recover off its lows of the day the decision was made to take the loss. Surprisingly, BSFT went on to recover most of the down move by the close of trading. Sometimes this happens, but on occasion you will need to make intraday decisions for your account. In the case of BSFT, waiting to the end of the day would have been better, but hindsight is 20/20. Earnings will be reported next week and if it acts as a catalyst to push the stock higher, a re-entry could take place. Below is the chart.
Our position in metals and metal related ETFs have really made a difference over the past few weeks. Our best gains for Thursday and Friday came from these positions. They continue the trend with strong relative strength and continue this form for several more weeks before taking a breather. Our trailing stops have moved up and are now in position to lock in gains if they take a negative turn. Below are the metal charts from the portfolio.
The majority of the other long positions continued to consolidate or pullback in price. You'll notice from the charts of FN, RUBI, and EBIX below that they bounced off their lows reasonably well and still remain in constructive trends.
There was some continued weakness in the watchlist today. Several stocks are exhibiting signs of stress and appear ready to move to the downside. This weekend the list will be updated and ready to go for Monday. Look for an email or check the sight mid-day Sunday. Also the two stock screens will be updated and ready for download by tomorrow for everyone. Have a great weekend and talk to everyone soon.